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Polaris Software inks MoU with Sonali Bank and BCBL

Polaris Consulting & Services Ltd. | IT - Software | IT & ITES | BSE: 532254 | NSE: POLARIS

18 Jul 2011 Evaluate

Polaris Software, a leading global Financial Technology Company, has signed a Memorandum of Understanding (MoU) with Sonali Bank, the largest Nationalized Commercial Bank in Bangladesh and Bangladesh Commerce Bank (BCBL) to form a Joint Venture Company (JVC) Sonali Polaris Financial Technology (SPFTL) where Polaris will hold a 51% stake in the new company. Both the Bangladeshis’ banks have chosen IntellectTM Core Banking Solution (CBS) to replace their existing solutions.

The end-to-end Intellect Core Banking Solution will allow the banks to run a single application for all its different functions, thereby facilitating easy operations for its customers. Intellect’s superior quantum architecture comes with the ability to perform heavy duty operations with the distinct flexibility of launching new and innovative products. This unique combination is perfectly suited to develop, modify and launch innovative products and services, thereby improving the go-to-market timeline in a rapidly developing economy like Bangladesh.

Sonali Bank is the largest state owned commercial bank in Bangladesh with 1,188 branches and operations in UK, USA, Middle East and India. As part of its transformational strategy, Sonali Bank wanted to implement On-line Real Time Banking (ORTB) solutions in order to achieve efficiency in operations and improve customer satisfaction by ensuring better internal control and compliance. After extensive due diligence and multiple deep dive sessions, Sonali Bank, lead member of the consortium, chose Intellect CBS.

BCBL too selected Intellect CBS to architect their modernization and expansion strategies, and both banks chose a unique model of creating a Financial Technology company with Polaris to service their requirements.

Polaris Software is a leading Financial Technology company, with its comprehensive portfolio of products, services and consulting. The company owns the largest set of Intellectual Properties in the form of a comprehensive product suite, intellectual global universal banking (GUB) 10.0. Intellectual is the first play SOA based application suite for Retail, Corporate, Investment banking and Insurance.

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Company Name	CMP
TCS	2581.65
Infosys	1318.60
HCL Tech.	1442.50
Wipro	204.35
Tech Mahindra	1511.85
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MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

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Polaris Software inks MoU with Sonali Bank and BCBL

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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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Trade/Brand Name of IA:	MoneyWorks4Me Investment Advisers
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Grievance Officer Details:	Name: Mukta Vaze Email: mukta.vaze@moneyworks4me.com Telephone: +91 98609 19463 Address: Same as IA
Principal Officer Details:	Name: Atharva Bhide Email: atharva.bhide@moneyworks4me.com Telephone: +91 91758 99463 Address: Same as IA
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